Philadelphia Fed president demands end to QE

The Fed should begin winding down its asset purchases now and terminate them altogether by the end of the year, according to Charles Plosser, the president of the Federal Reserve Bank of Philadelphia.

Speaking in Pennsylvania, Plosser said the Federal Reserve's quantitative easing and low interest rates are a threat to financial and price stability, and that the "meagre benefits" of any further asset purchases are outweighed by the potential costs.